The opening in Osaka of a integrated resort (IR) with a casino will create fresh business opportunities in the Japanese metropolis and help support public-sector finances, says Hirofumi Yoshimura, the governor of Osaka prefecture.
Mr Yoshimura (pictured in a file photo) said MGM Osaka, due to open in 2030, could mean entry to the local market of further entertainment offerings, as well as meetings, incentives, conferences and exhibitions (MICE) business.
He stated: “The IR should bring new entertainment and MICE businesses to the prefecture.”
The governor added: “Those business opportunities should work together, creating synergies. The economic impact of those is considered quite huge.”
He also mentioned, as cited by the Nikkan Kogyo Shimbun news outlet: “Without a strong economy, it would be difficult to keep a local government and society going because [otherwise] they have to depend on tax increases.”
Mr Yoshimura referred to several development stages – covering in total 100 hectares (247.1 acres) – at Yumeshima, an artificial island in Osaka Bay, where MGM Osaka will be located.
The US$1.27-trillion (US$8.18-billion currently) casino complex within Phase 1 of Yumeshima, is a venture involving United States-based casino group MGM Resorts International and Japan’s Orix Corp plus other local investors with smaller stakes. Work on the main portion of MGM Osaka is due to start in April.
In January it emerged that proposals from other private-sector investors for Phase 2 of Yumeshima included a motor racing circuit, an arena, hotel, and other entertainment facilities.
The governor was cited as saying in his latest comments, reiterating information in earlier reports: “Regarding the Yumeshima Phase 2 project, our prefecture will establish a master plan in March, then will launch a request-for-proposal to choose a developer.
“We expect the project to complete and open in around calendar year 2030, which is almost the same time as the IR opening.”
The Yumeshima Phase 2 site itself accounts for 50 hecatares and includes land to be used for a major international event this year called Expo 2025 Osaka. The Expo will be held for 184 days from April 13 to October 13.
An Osaka metro railway station that will serve Expo 2025, as well as eventually MGM Osaka, opened on January 19.
